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Thursday, Apr 18, 2002

spies like us

"Imagine a huge $30-billion conglomerate. It operates in one of the few businesses that might genuinely be described as cut-throat. Its competitors have changed dramatically, and so have its products and technologies. But its structure is the same as when it was founded, in 1947. Nobody leads this colossus (there is just an honorary chairman) and everyone exploits it. Demoralised and bureaucratic, it has just endured its biggest-ever loss. The response: the firm has been given even more money, and nobody has been sacked."